Group 1: Report Overview - The report is about a research on Feike Electric in the household appliance industry on June 18, 2025 [1][2][17] Group 2: Research Participants - The research was participated by investors and other institutions [2] Group 3: Company Representatives - The company's representatives include Chairman and President Li Gaiteng, Independent Director Lin Zhenxing, Financial Controller Hu Ying, and Board Secretary Guo Jiaguang [17] Group 4: Key Questions and Answers - **Dividend Policy**: The company has always implemented a stable and active cash - dividend policy to ensure the basic interests of all shareholders [24][25] - **Production Model**: In 2024, the proportion of outsourced production in the total production volume was 36.97% [25] - **Sales Structure**: In 2024, the sales proportion of mid - to high - end products reached 60.78%, a 9.83 - percentage - point increase from the previous year [26] - **Overseas Market**: In 2024, the company actively promoted overseas market layout, focusing on emerging markets such as Southeast Asia, Africa, and the Middle East, and continued to seek M&A and cooperation opportunities [26] - **Financial Performance**: In Q1 2025, the gross profit margin was 56.21% and the net profit margin was 15.64%, with a significant quarter - on - quarter increase [26] - **Competition**: The company improves competitiveness through R & D innovation, brand operation, and marketing management, and has developed many leading products [27] - **Performance Decline**: The performance in 2024 was under great pressure due to the dual - brand strategy adjustment and changes in the consumption environment, and the company will work to improve performance [28]

Group 1: Research Basic Information - The research object is Jereh Group, belonging to the special equipment industry, with a reception time of June 18, 2025. The listed company's reception staff includes the board secretary Qu Ning and the securities affairs specialist Wang Heyang [17] Group 2: Detailed Research Institutions - The reception objects include Tianhong Fund (a fund management company) with relevant personnel Li Jiaming, Xing Shaoxiong, Huang Zihan, Chi Dongyang, and Du Tianye, and Zhongtai Securities (a securities company) with relevant personnel Wang Fengdi, Fu Yuxuan, and Zhang Naihui [18] Group 3: Company's Overseas Business Strategy - The company firmly promotes the global development strategy to enhance industry competitiveness and achieve high - quality development. Its overseas business is spread across more than 70 countries and regions, and the overseas business revenue accounted for 45.20% in 2024. The Middle East is a key strategic market, with a relatively complete business chain covering high - end equipment manufacturing, recycling business, oil and gas engineering services, oil and gas technical services, and oil and gas field development. The company's market share in the high - end equipment field in the Middle East has been increasing year by year, and its engineering business has achieved continuous breakthroughs [21] Group 4: Engineering Business in the Middle East - The company drives the overall coordinated development of each business segment in the Middle East through advantageous products or services. In 2024, it won several state - owned oil company engineering projects, such as the $920 million UAE ADNOC well - site digital transformation project and the $316 million Bahrain National Oil and Gas Booster Station project. The company will comprehensively consider multiple aspects such as strategic significance, industrial synergy, project return, and project cash flow to select high - quality projects for sustainable development [22][23] Group 5: Advantages of Overseas Natural Gas Equipment - The company has achieved full - industry - chain development of natural gas, covering natural gas equipment manufacturing, gas - fired power generation equipment, natural gas processing engineering, and terminal utilization. It can provide an integrated natural gas industry solution. The company adheres to innovation - driven development, increases R & D investment, and has built the Jereh Natural Gas Industrial Park, which has tripled the production capacity of natural gas equipment [23]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core View of the Report The report focuses on the research of Mannster. The company has multiple business layouts, mainly based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials and build a multi - parallel industrial layout of "new energy + pan - semiconductor", covering sectors such as lithium batteries, pan - semiconductors, energy storage, and robots. Although the company's business in the solid - state battery field has made certain progress, the large - scale application of dry - film manufacturing technology still faces challenges, and the robot business is in the early 0 - 1 investment stage [22][24][25]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - The research object is Mannster, and the reception time is June 17, 2025. The listed company's reception personnel include the board secretary Peng Yalin, the securities affairs representative Xu Bijiu, and the securities affairs specialist Zhou Yuan [16]. 3.2 Detailed Research Institutions - The research institutions include investment companies (such as Ruimin Investment, Shansi Investment), securities companies (such as CICC, GF Securities), fund management companies (such as Boshi Fund, Huaxi Securities), asset management companies (such as Hongsike Asset Management), and other types of institutions [17][18][19]. 3.3 Research Institution Proportion - Investment companies account for 16%, other types account for 33%, securities companies account for 30%, fund management companies account for 16%, and asset management companies account for 5% [20]. 3.4 Main Content Data 3.4.1 Solid - State Battery Field - The company has provided test experiments on dry - film manufacturing and wet - electrolyte thin - coating processes for many domestic and foreign enterprises. In May 2025, it launched a solid - state battery pole piece manufacturing solution at the CIBF exhibition, with a preliminary "wet + dry" product layout. Multiple core products have received orders and are being delivered, and some equipment has met customer requirements [22]. - The company's dry - process equipment has advantages. Based on more than ten years of industrial application experience in wet - coating core components, it has in - depth research on high - uniformity film layer preparation. It started researching dry - film manufacturing technology around 2020, and its self - developed dry - process equipment has years of test and verification data. It has proposed an upgrade plan for lithium - battery equipment using new ceramic materials, developed ceramic products, and has a complete solid - state battery pole piece manufacturing solution with multiple process routes. The electrolyte thin - coating technology can control the dry - film thickness between 1 - 15μm [23][24]. 3.4.2 Robot Business - The company's robot business includes products such as micro - linear electric cylinders, dexterous hands, and electric grippers. The micro - linear electric cylinder has received a small number of sample orders, but it is still in the 0 - 1 early investment stage, and there is great uncertainty in industry development and business expansion [24][25]. 3.4.3 Company Strategy - The company's business layout is based on advanced coating technology engineering application capabilities. It aims to promote the industrial application of new materials, build a multi - parallel industrial layout of "new energy + pan - semiconductor", and implement the strategic positioning of a coating technology platform - type enterprise [25].

上海未来聚变能源科技有限公司 www.djyanbao.com | 1.企业概览 5 | | --- | | 1.1基本信息 5 | | 1.2企业网站信息 6 | | 1.3主要人员信息 7 | | 1.4分支机构 7 | | 1.5变更记录 7 | | 1.6股东信息 8 | | 1.7认缴出资信息 9 | | 1.8经营异常信息 9 | | 1.9企业联系方式 9 | | 2.企业链路关系 10 | | 2.1企业相关信息 10 | | 2.2关联企业股东列表 10 | | 2.3企业主要人员信息 11 | | 2.4关联企业对外投资信息 12 | | 2.5关联企业裁判文书信息 12 | | 2.6关联企业法院公告信息 12 | | 2.7企业历史股东信息 12 | | 2.8疑似关联关系信息 13 | | 3.失信人信息 13 | | 3.1失信人立案信息 13 | | 3.2失信人裁判文书 14 | 更 新 时 间 ： 2 0 2 5 / 0 6 / 1 6 洞见趋势 研判未来 1.企业概览 | 1.1基本信息 | | | --- | --- | | 企业名称： | 上海未来聚变能源科技有限公司 ...

Group 1: Research Basic Information - The research object is Haibo Heavy Industry Co., Ltd., belonging to the engineering construction industry [16] - The reception time was on June 12, 2025, and the listed company's reception staff included General Manager Da Hao, Board Secretary Zhang Xue, and Financial Controller Xu Weimin [16] Group 2: Detailed Research Institutions - The reception object was investors participating in the 2025 Investor Collective Reception Day event for listed companies in Hubei Province, and the object type was "other" [19] Group 3: Core Views of the Company - The company is exploring new growth points and potential in the traditional bridge steel structure industry through technology - driven product upgrades, market expansion and diversified business layout, and digital transformation [23] - In terms of personnel appointment, the company adheres to a modern enterprise management system and selects professionals based on ability and experience, respecting the personal career choices of the actual controller's children [25] - The company aims to consolidate the domestic market, expand overseas markets, and explore diversified businesses around steel structures while the actual controller has no current plan to introduce external strategic investors [25]

Group 1: General Information - The research object is Huilv Ecology, belonging to the engineering construction industry, and the reception time was on June 12, 2025. The listed company's reception staff included directors, general manager Li Yan, director, board secretary, deputy general manager Yan Qi, director, deputy general manager Shi Lei, director, deputy general manager Peng Kaisheng, and chief financial officer Cai Zhicheng [17] Group 2: Research Institutions - The reception objects include investors' online questions and others, and the reception object type is other [20] Group 3: Core Views and Company Responses - With the increasing application of the AI market, the demand for optical modules, as one of the basic materials for the AI digital base, is growing significantly. The company will focus on high - speed products in this field, expand both domestic and foreign markets, and continuously develop new customers [24] - The company aims to balance different business models. It will consolidate the advantages of the garden business through cost - reduction, efficiency - improvement, and full - industry chain collaboration, while using the optical module business to increase research on cutting - edge technologies, and strengthen large - scale delivery capabilities through capacity layout in Wuhan, Hefei, and overseas [24] - The international market is one of the company's future main directions for AI optical communication business, and Malaysia is an important base. New layouts will be considered based on customer needs and clear business requirements [25] - The company's current order trend is good, and its downstream customers include those from the Internet, equipment manufacturers, and ecological partners [26] - The management will prudently consider renaming the company according to the development of Wuhan Junheng's optical communication business [27] - Junheng Technology's current orders are on the rise, and the capacity utilization rates in Malaysia and Hefei are high, with continuous capacity expansion [27] - The high - speed copper cable business of Wuhan Junheng is an important strategic direction for the company's future development, and its business proportion is on the rise [28] - The company's garden business mainly consists of municipal supporting garden projects and rarely involves real - estate - related garden construction [28] - The company's strategic direction is to develop towards the optical communication field, having completed the acquisition of 51% of the equity of Wuhan Junheng Technology Co., Ltd. in early 2025 [28] - The company will formulate a market value management system in accordance with relevant laws and regulations to standardize market value management behavior [29] - The company will consider acquiring the remaining equity of Junheng Technology based on its business development and market prospects [30]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report mainly presents the questions raised by investors during the analyst meeting of Fuxing Co., Ltd. and the company's responses, reflecting the company's current business situation, development plans, and future strategic directions. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Fuxing Co., Ltd., belonging to the real estate development industry. The reception time was on June 12, 2025, and the company's reception personnel included the board secretary Xiao Yongchao and the securities affairs representative Chang Yong [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Question about wire rope business**: The company will increase research on the industry and market, adjust product structure according to market supply - demand changes, adhere to production based on sales, reduce and compress inventory, strengthen quality management, and improve service levels to expand sales and achieve economic benefits [24]. - **Company's development and transformation plans**: The company's transformation is being actively promoted, and announcements will be made in a timely manner if there is progress [25]. - **Acquisition of property company**: The project has no progress for the time being [27]. - **Institutional investors among circulating shareholders**: There are many institutional investors among the company's current circulating shareholders, including fund companies [27]. - **Main business after real - estate inventory development**: The company's real - estate projects are still under development, and announcements will be made if the main business changes [28]. - **Reorganization progress and market - value improvement plan**: The company will adhere to stable operations, actively explore fields such as biomedicine, new energy, and new materials. In terms of market - value management, it will enhance internal value and promote the resonance of internal value and brand value in the capital market [29]. - **Implementation of equity incentive in 2025**: Announcements will be made if there are relevant plans [30]. - **Stock repurchase plan**: As of now, the company has no such plan, and announcements will be made if there are changes [33]. - **Acquisition progress of Yueming Optics**: As of now, the project has no progress [34]. - **Number of shareholders as of June 10**: There were 43,100 shareholders as of June 10, 2025 [35]. - **Solution to the stock price being lower than the net asset value**: The company attaches great importance to market - value management, explores ways of shareholder returns, enhances internal value, and promotes the resonance of internal value and brand value in the capital market [36][37].

1. Reported Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The report focuses on the research and analysis of Ping'an Electrician, covering its competitive advantages, development strategies, and responses to various challenges [24][25] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Ping'an Electrician, and the reception time was on June 12, 2025. The listed company's reception staff included the board secretary Li Jun, the securities affairs representative Wei Jia, and the financial director Ding Henji [17] 3.2 Detailed Research Institutions - The reception objects included investors' online questions and others [20] 3.3 Research Institution Proportion - No information provided in the content 3.4 Main Content Data - **Advantages over competitors**: Compared with Zhejiang Rongtai, Ping'an Electrician has an advantage in cost due to its full - industrial - chain layout, with eight supporting factories in the mica insulation material industry [24] - **High overseas sales gross margin**: The overseas sales gross margin is significantly higher than that in the domestic market because of the company's brand reputation and the high - end nature of foreign trade products. It is expected to remain high in the long term [24] - **Layout in emerging fields**: The company aims to contribute to emerging fields such as new - energy vehicles, solid - state batteries, and deep - sea technology by focusing on R & D of high - temperature - resistant insulation materials and building a full - industrial - chain development pattern [25] - **Impact of tariff war**: The direct impact of tariffs on the company is small as the US business accounts for a small proportion. The company's overseas investment is mainly in Southeast Asia and Africa [25] - **Employee incentives**: The company will consider equity incentive matters according to business development needs and is exploring diversified employee incentive mechanisms [26] - **Dividend implementation**: The 2024 dividend will be distributed within two months after the annual general meeting on May 8, 2025 [27] - **Opportunities from battery regulations**: The new battery regulations prompt the company to develop a complete solution for thermal runaway protection in new - energy vehicles using "mica + materials" technology [28]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The company is in a transformation process, focusing on two main areas: comprehensive computing power services and display driver chips. Despite facing competition in these sectors, the management is optimistic about the market prospects. The company plans to adopt a dual - wheel drive development model of technology deep - diving and market expansion in the next 2 - 3 years for both businesses. In 2025, the company aims to strengthen its core competitiveness and achieve good performance to reward investors [50]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Nongshang Environment [17] - Industry: Engineering construction [17] - Reception time: 2025 - 06 - 12 [17] - Reception personnel: Chairman Lin Feng and Secretary of the Board Jia Chunqi [17] 3.2. Detailed Research Institutions - Types of reception objects: Relevant institutional personnel, investors' online questions, others [20] 3.3. Research Institution Proportion There is no information about the research institution proportion in the provided content. 3.4. Main Content Data - **Computing Power Projects** - The company's subsidiary acquired a stake in Zhongxin Digital Technology (Aksu) Co., Ltd. Information about the Aksu computing power project will be disclosed according to regulations. The company has no available information about the Shawan area for now. The cooperation with Karamay City's cloud computing industrial park has a 3 - year - valid strategic cooperation framework agreement [40][47][54]. - In 2024, the company's computing power comprehensive service business achieved an operating income of 108.0828 million yuan, accounting for 46.66% of the total operating income, with a gross profit of 15.6034 million yuan [56]. - **Chip Business** - For detailed information on the display driver chip business, refer to the "Section III Management Discussion and Analysis" in the "2024 Annual Report" disclosed on the Juchao Information Network on April 15, 2025 [23][30][34]. - The company's investment in Xinhe Zhihui has been disclosed in the "Announcement on the Reply to the Annual Report Inquiry Letter of the Shenzhen Stock Exchange" on May 22, 2025 [24][26][43]. - **Business Strategy and Development** - The company's strategic positioning is to build a full - chain service system in the computing power business and focus on R & D, product development, and market expansion in the display driver chip business [26]. - In the next 2 - 3 years, the company will adopt a dual - wheel drive development model for both computing power and display driver chip businesses, focusing on technological innovation and market expansion [50]. - **Stock Price and Market Value Management** - The company will implement its established strategy, strengthen the construction of the operation risk management system, expand new computing power business, and shrink the landscaping construction business to improve asset quality, core competitiveness, and promote stock price growth [24]. - The secondary market stock price is affected by multiple factors, and the company does not have the situation of adjusting the stock price for private placement [49]. - **Accounts Receivable** - The company has strengthened the collection mechanism of accounts receivable and taken effective measures to speed up the recovery [26][48][51]. - **Company Name and Business Scope Change** - If the company changes its name or business scope, it will fulfill the information disclosure obligation in strict accordance with the regulations [25][33][56]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating [1][2] 2. Core Viewpoints - The company operates tourism transportation and scenic area operations nationwide, with a business model that is replicable and highly expandable. It still has significant revenue growth potential in upgrading existing projects and developing new ones [31] 3. Summary by Directory 3.1调研基本情况 - The research object is Santel Cableway, belonging to the tourism and hotel industry. The reception time was on June 12, 2025. The company's reception staff included President Zhang Quan, Director and Chief Accountant Peng Gang, and Vice President and Board Secretary Cao Zheng [16] 3.2详细调研机构 - The reception object was investors who interacted with the company during the 2025 online collective reception day for investors of listed companies in Hubei Province. The reception object type was "other", and the relevant institutional personnel were these investors [19] 3.3调研机构占比 - No information provided [20] 3.4主要内容资料 - **IP cooperation**: The company has no plans to cooperate with popular IPs such as Labubu or Pop Mart [23][31] - **Resource project investment**: The company is actively seeking investment cooperation opportunities for high - quality resource projects nationwide, and the specific progress should be followed through company announcements [24] - **Employee incentives**: The company adheres to the principles of fairness, incentives, and sustainable development, and has established a position - grade and salary system. It currently has no plans for equity incentives [24] - **Improving operational efficiency**: The company's projects optimize product and service supply based on market demand and resource endowments, formulate comprehensive marketing strategies, promote technological innovation, and achieve digital operation management [26] - **Asset impairment**: The company conducts annual year - end asset inspections, impairment tests, and entrusts professional evaluation institutions. The year - end impairment situation should be based on the company's year - end results and announcements, and there is no intention to adjust profits [27][29] - **Project compensation negotiation**: The litigation regarding the cooperation contract dispute of the company's Keqi project in Inner Mongolia is in progress [28] - **Investment value and share repurchase**: The company's business model has growth potential, and the major shareholder has no plans to repurchase shares [31] - **Safety insurance**: The company's projects purchase property insurance and accident insurance, covering facilities, staff, and tourists [31]